Hanergy Takes a Notch up in Solar Car Market

BEIJING, Oct. 11, 2019 -- Hanergy Glory Solar Technology, an EV startup announced today that it plans to raise USD 25 million for 15% of its company share to fund its solar car program, including further developing its R&D in solar vehicle power system and establishing sales channels. The announcement is aligned with the company's robust plan to strengthen its foothold in solar car market. Earlier last month, Hanergy Glory Solar Technology has successfully concluded a one-month test drive of the world's first commercial solar power vehicle solution, Chinese K-car at China Automotive Technology and Research Center.

During the 30-day trial, at the end of each day after a 20km run, the
Chinese K-Car retained 60%-80% of battery charge which means the car could
still run a further 30km to 80km in that single day. By August 7th,
the last day of the 30-day test drive, despite an 8-day straight overcast or
rainy weather, the battery still retained 60% of power, proving another
irreplaceable feature of solar thin-film, which is generating power even under
low/weak light conditions.

According to Hanergy Glory, the tested solar car was built on the concept
of the Japanese K-Car, a category of vehicle that was created to meet basic
daily transportation needs. The emergence of China's middle class is driving
the demand for a vehicle that could serve multiple purposes including daily
commutes and family trips. By readjusting the backseat, this highly flexible
five-seat vehicle can also easily carry a wheelchair.

According to statistics by Japanese Automobile Manufacturers Association
(JAMA), in Japan, over 60% of K-car users do not drive more than 400 km a
month, which is less than 20 km per day. Such mileage can be met by the solar
solutions of this test.

"We summarized some conditions (KWH km/paved area/outdoor
scene/20-30km/daily driving range) that solar energy could power the vehicle to
the maximum to finally choose the EM3 model of Joylong Automobile and signed a
cooperation agreement with them," said Dr. Lu Tao (email: lutao@hanergy.com),
CEO of Glory Solar Technology Company.

The size of the JoyLong EM3 is 3180*1480*1670mm and the weight of the car
is about 800kg. The EM3 has a large roof area, which means more power
generation and more mileage. Therefore, Glory have selected the EM3 version
with an internal battery capacity of 10KWh, which when fully charged can travel
120 kilometers. It is equipped with Hanergy solar power generation system,
generating 1.6 KWh per day, which is the equivalent to about 20 kilometers of
driving range.

"We are on a constant lookout for models that can maximize the solar
performance. We hope to get more models to install our unique lightweight
thin-film solar solution. Besides, we are currently also looking for partners
and investors to develop diverse electric vehicles to increase the solar
vehicle portfolio to contribute towards a sustainable world," Dr. Tao
added.

According to Hanergy Glory, it has only tailored its solar system to apply
the thin-film solution on EM3, while made some layering improvements on the
lower part of the front end. "Next, our team will optimize the whole solar
solution on the basis of the EM3 model, improve the fitment between our solar
power generation system and the roof, enhance the aesthetic design, and
ultimately achieve mass production," said Dr. Lu Tao.

On September 25th, Hanergy Glory signed with Zhejiang Tianyou
Company a sales contract for 140,000 express delivery cars.

Hanergy Glory Solar Technology Company, an EV startup proposed the concept
of "Plug-In Never" as a way to solve common issues faced by owners of
more traditional electric vehicles that heavily rely on charging piles
scattered within cities. With "Plug-In Never," Hanergy Glory is
making a bold statement and allowing consumers to never have to worry about
overcurrent, overvoltage, overheating, and ground faults.

Further, as the automotive industry has been going through a sea of change
since the advent of newer technologies that have transformed how vehicles are
designed and manufactured, automobile companies are now focusing extensively on
the impact of cars that run on solar, and are moving towards renewable sources
of energy.

Source: Hanergy Glory Solar
Technology

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